Over 90 Suspects Arrested Since August as Ghana Targets Black Market Forex

Ghana’s CID has stepped up its fight against illegal foreign exchange trading, picking up dozens of suspects and seizing large amounts of money in a coordinated sweep across Accra.

At a media briefing on Tuesday, December 9, 2025, CID boss COP Lydia Yaako Donkor explained that the operation was carried out with support from the Bank of Ghana. The team moved through Tudu, Circle, the Airport area, and Cantonments early in the morning, arresting 29 people involved in unlicensed forex activity. Those picked up included Nigerians, Togolese, Beninois, and Ghanaians.

About an hour later, officers returned to the field and arrested 12 more people, bringing the number of suspects for the day to 41.

Police also recovered large sums of cash in different currencies. Donkor listed the seized money as GH¢1,266,770, 100,000 CFA francs, ₦3,383,570 (with ₦1,266,770 stored as e-cash on a Moneypoint device), and $5,105. All funds, she said, have been secured and are being handed over to the Bank of Ghana while investigations continue.

This is not the first sweep. Donkor noted that an earlier operation on November 20, 2025, around Osu Oxford Street and the Kwame Nkrumah Circle area resulted in 28 arrests. Those suspects were later granted police enquiry bail.

Since the nationwide crackdown started in August 2025, a total of 90 people have been arrested, with 13 already charged and appearing before the Accra Circuit Court.

She stressed that the goal is to clean up the forex market and warned that enforcement will only get tougher. Speaking on behalf of the IGP, Christian Tetteh Yohuno, she thanked the Bank of Ghana for its cooperation and advised the public to use banks for all currency exchanges.

She added that this operation is not limited to Accra—unlicensed forex traders across the country risk arrest if they continue operating without a proper Bank of Ghana licence.